Published: 5 hours ago
By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were stronger mid-session Thursday, getting spillover from gains in Chicago soyoil and crude oil.
“There’s a strong number for beanoil off of the crush report,” said Jamie Wilton, broker for R.J. O’Brien & Associates in Winnipeg.
Although, the March soybean crush report in the United States came in slightly below market expectations, it was higher than the previous March. Wilton also pointed to the drop in U.S. soyoil stocks.
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As well, Wilton said there was a “pretty good liquidation of the May (canola) contract” as traders move into the July contract.
He added market concerns over any talks between the U.S. and Iran were supportive of crude oil.
Besides Chicago soyoil, there were upticks in the soybeans while soymeal stepped back. Strong increases in MATIF rapeseed found their way into canola, while Malaysian palm oil was relatively steady.
The Canadian dollar was higher by late Thursday morning with the loonie at 72.95 U.S. cents, compared to Wednesday’s close of 72.75.
Approximately 64,750 canola contracts were traded as of 10:56 a.m. CDT, with prices in Canadian dollars per metric tonne:
Canola May 714.50 up 8.60
Jul 728.30 up 9.70
Nov 726.00 up 7.10
Jan 733.10 up 6.50
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
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